Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What’s Driving Markets Tuesday?

Small Companies Extend Gains Ahead of Big Tech Earnings; UPS Faces Worst Day in Its History; Bitcoin Drops Below $66K: What’s Driving Markets Tuesday

Wall Street had a mixed session on Tuesday, with small-cap stocks outperforming large-caps as investors awaited major earnings reports from Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA) after the close.

The Russell 2000 index, replicated by the iShares Russell 2000 ETF (NYSE:IWM), climbed 0.8%, while the tech-heavy Nasdaq 100 fell 0.2%. That was the ninth time in the last 10 sessions that smaller companies have outperformed technology stocks. The S&P 500 and the Dow Jones Industrial Average showed little movement.

United Parcel Service Inc. (NYSE:UPS) led the way among mega-cap stocks, falling 14% after missing earnings and revenue estimates for the previous quarter. The decline is expected to be the shipping company’s worst single-day decline since it went public in 1999.

Both Treasury yields and the U.S. dollar were steady ahead of a data-heavy week, including the second-quarter GDP report on Thursday and the Fed’s favored inflation report on Friday.

Gold rose 0.3 percent to $2,400 an ounce, while Bitcoin fell more than 2 percent to $65,800, its second straight loss.

Performance of Major US Indexes and ETFs on Tuesday

Major Indices

Price

1 day % change

Russell 2000

2,243.00

0.8%

S&P 500

5,568.86

0.1%

Dow Jones

40,386.54

-0.1%

Nasdaq 100

19,778.53

-0.2%

Updated at 12:48 pm ET

According to Benzinga Pro data:

The SPDR S&P 500 ETF Trust (NYSE:SPY) was unchanged at $554.92.

The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.1% to $403.80.

Tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 0.2% to $481.52.

Sector-wise, the Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, up 0.4%, while the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1.4%.

Tuesday’s Stock Market Movements

Stocks that reacted to the company’s earnings were: Agilysys, Inc. (NASDAQ:AGYS), down more than 5%, NXP Semiconductors NV (NASDAQ:NXPI), down more than 9%, Medpace Holdings, Inc. (NASDAQ:MEDP), down more than 17%, Coca-Cola Company (NYSE:KO), up 0.6%, Freeport-McMoRan Inc. (NYSE:FCX), down 2%, GE Aerospace (NYSE:GE), up more than 7%, General Motors Company (NYSE:GM), down more than 6%, Kimberly-Clark Corporation (NYSE:KMB), down more than 4%, Comcast Corp. (NASDAQ:CMCSA), down more than 2%, MSCI Inc. (NYSE:MSCI), up more than 7%, Lockheed Martin Corporation (NYSE:LMT), up more than 4%, Philip Morris International Inc. (NYSE:PM), up 2%, PulteGroup, Inc. (NYSE:PHM), down 0.5%, Quest Diagnostics Incorporated (NYSE:DGX), down over 4%, Spotify Technology SA (NYSE:SPOT), up over 10%, Polaris Inc. (NYSE:PII), down over 2%.

Those reporting after the close include Alphabet, Capital One Financial Corporation (NYSE:COF), Chubb Limited (NYSE:CB), Mattel, Inc. (NASDAQ:MAT), Packaging Corporation of America (NYSE:PKG), Seagate Technology Holdings plc (NASDAQ:STX), Tesla, Texas Instruments, Inc. (NASDAQ:TXN) and Visa Inc. (NYSE:V).

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This article Small Companies Continue to Gain Ahead of Big Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Drops Below $66K: What’s Driving Markets Tuesday appeared first on Benzinga.com

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